Abdul Ghani 

Pakistan’s The Finance Division will roll outpublish an action plan on 15 priority governance and anti-corruption reforms in December this year, according to a document available with Wealth Pakistan. The document was furnished with the Senate Standing Committee on Finance and Revenue in a meeting chaired by Senator Saleem Mandiawala. The action plan follows the IMF's Governance and Corruption Diagnostic (GCD) Assessment Report, which highlightings key areas, requiring urgent reforms to combat corruption and improve the country’s business climate in the country.

The document, prepared as part of Pakistan’s commitment under the IMF's $3 billion Standby Arrangement (SBA) approved in July 2023, stresses the importance of strengthening governance and enhancing public-sector accountability. These reforms are essential to safeguard public funds against misuse and to promote transparency across government institutions. Among Tthe 15 priority recommendations outlined in the document includeare measures to simplify tax systems, strengthen anti-money laundering efforts, improve organizational structures in government bodies, and eliminate preferences for state-owned enterprises (SOEs).

The other significant recommendations include publishing annual reports on investments facilitated by the Special Investment Facilitation Council (SIFC), introducing risk-based verification for high-level civil servants, and improving the transparency of selection processes for key oversight bodies. The Finance Division is tasked with ensuring that these reforms are implemented in phases, with short-term actions (6-12 months), medium-term (6-18 months), and long-term (18-36 months) goals.

These steps are aimed at improving fiscal governance, regulatory oversight, and the rule of law in the country. The document also highlights the importance of institutionalizing anti-corruption measures, ensuring financial transparency, and tackling the backlog of economic disputes and court judgments. Additionally, the government plans to enhance investigative mechanisms, improve money laundering reporting, and foster international cooperation in asset recovery.

The action plan is set to be finalized after consultations with relevant ministries, divisions, and authorities, ensuring that necessary steps are taken to improve governance and combat corruption at all levels. Pakistan’s commitment to these reforms, supported by the IMF, is seen as a crucial step toward achieving long-term economic stability and growth. The Finance Division has assured that progress on these reforms will be closely monitored, and results will be made public to maintain transparency and accountability in the reform process.

Credit: INP-WealthPk